Results 18,981-19,000 of 27,019 for speaker:Michael Noonan

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Michael Noonan: Amendments Nos. 23, 24, 26 and 27 relate to term limits for board members. There was a lengthy discussion on Committee Stage on this matter. My priority is to retain the principle of board rotation. However, I am flexible on the number of years and I intend to bring forward an amendment, following consultation with the Attorney General's office, to change the term limits to 12 years in...

Credit Union Bill 2012: Report Stage (Resumed) and Final Stages (28 Nov 2012)

Michael Noonan: Amendments Nos. 31 and 51, Schedule 52, relate to the role of the treasurer under the 1997 Act which is being removed by this Bill. As I outlined on Committee Stage, this is to give effect to the commission's recommendations concerning the separation of the governance and the executive functions in credit unions. The governance requirements recommended by the commission set out the roles and...

Credit Union Bill 2012: Report Stage (28 Nov 2012)

Michael Noonan: The position is that there is nothing in the Bill that does not already apply to the credit union movement. There has been a misunderstanding, arising from the definition section, that there may be an importing of additional legislation to be applied to credit unions, but this is not the case. As agreed on Committee Stage, consultation is taking place between my Department and the Office of...

Credit Union Bill 2012: Report Stage (28 Nov 2012)

Michael Noonan: I thank the Deputies who have contributed. Amendments Nos. 1 to 5, inclusive, 12, 14, 15, 28 to 30, inclusive, 33, 43, 44 and 48 to 50, inclusive, which have been grouped together for the purposes of discussion, relate to the definition of financial services legislation. They are scattered throughout the Bill as they also relate to consequential amendments regarding the definition. Before...

Credit Union Bill 2012: Order for Report Stage (28 Nov 2012)

Michael Noonan: I move: "That Report Stage be taken now".

Written Answers — Department of Finance: Tax Code (28 Nov 2012)

Michael Noonan: I propose to take Questions Nos. 60 and 61 together. I would point out that the services supplied by small pubs are treated for VAT purposes as those services supplied by restaurants and other such venues of hospitality. Catering supplied by small pubs is liable to VAT at the 9% VAT rate, as it is where supplied by a restaurant. Similarly, alcohol supplied by a small pub is liable to VAT...

Written Answers — Department of Finance: Banking Sector Remuneration (28 Nov 2012)

Michael Noonan: As the Deputy will be aware officials in my Department and Mercer have been working on a remuneration review of the Covered Banks and do not currently have the information you have requested. My officials and the banks have provided a very significant level of detail on remuneration and pensions in the Covered Banks and other institutions in tight timeframes. We have received over 50...

Written Answers — Department of Finance: Banking Sector Staff (28 Nov 2012)

Michael Noonan: I have been informed that in line with the Restructuring Plan which Permanent TSB (PTSB) has submitted to the European Commission PTSB has agreed to the disposal of the majority of the loan assets of Permanent TSB Finance Limited to Consumer Auto Receivables Finance Limited, a company established for the purposes of the transaction. The loan assets of Blue Cube Loans Limited, a separate...

Written Answers — Department of Finance: Tax Reliefs (28 Nov 2012)

Michael Noonan: The scale of pension saving reliefs available to higher earners, in particular, has been significantly restricted over recent years. The maximum allowable pension fund for tax purposes at retirement (the Standard Fund Threshold) was reduced from over €5.4 million to €2.3m in Budget and Finance Act 2011 while the annual earnings cap which operates in conjunction with age-related...

Written Answers — Department of Finance: Pension Funds Investments (28 Nov 2012)

Michael Noonan: I understand the Deputy is referring to tax incentives. I should explain in the first instance that pension funds approved by the Revenue Commissioners are exempt from tax on any income or gains derived from their investment activities. Officials of my Department and of the Department of Public Expenditure and Reform continue to engage with third-party investors on how investment deals...

Written Answers — Department of Finance: Mortgage Resolution Processes (28 Nov 2012)

Michael Noonan: The Central Bank has informed me that it will commence a review of the Code of Conduct on Mortgage Arrears in the first quarter of 2013. The Central Bank would normally conduct a review following a reasonable time after implementation and the Code will require updating due to the proposed introduction of both the Personal Insolvency Arrangement insolvency framework and longer term mortgage...

Written Answers — Department of Finance: VAT Rates (28 Nov 2012)

Michael Noonan: I am informed by the Revenue Commissioners that as the information furnished on VAT returns does not require the yield from particular commodities to be identified, the quantity and amount of VAT accruing each year on the sales of defibrillators cannot be identified. The VAT rating of goods and services is constrained by the requirements of EU VAT law with which Irish VAT law must comply....

Written Answers — Department of Finance: VAT Rates (28 Nov 2012)

Michael Noonan: VAT is charged on the supply of goods and services and the rate applying is subject to the requirements of EU VAT law with which Irish VAT law must comply. The repair and maintenance of movable goods, such as motor vehicles, is subject to VAT at the 13.5% rate and it is not possible to reduce the VAT rate applying to such repairs servicing below 12%. This is because such repairs, including...

Written Answers — Department of Finance: Budget Submissions (28 Nov 2012)

Michael Noonan: I understand the Deputy’s question to refer to proposals contained in SIMI’s pre-Budget submission. Such proposals, together with a wide range of proposals submitted to my Department from a large number of interested parties in issues across all tax heads, are being considered in the context of the forthcoming Budget. I am sure the Deputy will appreciate that I cannot...

Written Answers — Department of Finance: Mortgage Applications Approvals (28 Nov 2012)

Michael Noonan: I have been advised by the Central Bank that the ‘Code of Practice on the Transfer of Mortgages’ is a voluntary code. The Code was issued by the Central Bank in 1991 to financial institutions involved in the provision and transfer of mortgage credit. A copy of the Code and a list of regulated financial institutions are available at www.centralbank.ie. As the Code is voluntary...

Written Answers — Department of Finance: Banking Sector Staff (28 Nov 2012)

Michael Noonan: I am informed by IBRC that this information is not readily available at this time and the compilation of this information is likely to delay completion of the Mercer Remuneration Report which is a Government priority. I have committed to publishing the details underpinning the review in view of the public interest in the matter. The report will provide a comprehensive and professional...

Written Answers — Department of Finance: Irish Bank Resolution Corporation (28 Nov 2012)

Michael Noonan: Participating Institutions fees for services to NAMA are based on 10 basis points of loans managed or actual costs incurred, whichever is the lesser. IBRC have advised me that as disclosed in IBRC’s 2012 Interim Report (page 35), which covers the period from January to June 2012, NAMA were charged €15m in relation to the servicing of loans acquired from the Bank. The...

Written Answers — Department of Finance: Irish Bank Resolution Corporation (28 Nov 2012)

Michael Noonan: The overriding mandate of IBRC is to maximise the recovery of loans on behalf of the State and to wind down over time. I have been advised that the underlying approach of the Bank is to work constructively with each borrower on an individual basis. IBRC does not disclose the numbers of clients who are/ are not cooperating with the Bank as this information is commercially sensitive. In...

Written Answers — Department of Finance: Irish Bank Resolution Corporation (28 Nov 2012)

Michael Noonan: I have been informed that IBRC does not disclose details of its strategic or tactical plans relating to the loan recovery process due to the various associated commercial risks. The Bank considers all options for debt recovery in its efforts to maximise recoveries for the State.

Written Answers — Department of Finance: Credit Availability (28 Nov 2012)

Michael Noonan: The Government has imposed SME lending targets on Bank of Ireland and AIB for the three calendar years, 2011 to 2013. Both banks were required to sanction lending of at least €3 billion in 2011, €3.5 billion this year and €4 billion in 2013 for new or increased credit facilities to SMEs. Both banks achieved their 2011 targets. The Head of the Credit Review Office (CRO),...